Apartment Building Secures $27M Refinance

WASHINGTON, DC-A refinancing package has been put in place for Ellicott House, a 327-unit apartment building at 4849 Connecticut Ave. in the northwest area of the city. Acting on behalf of property owner Connecticut Avenue Associates LP, GMAC Commercial Mortgage Corp. secured the funds through Freddie Mac. The owner’s decision to refinance was prompted by the desire to take advantage of the market’s still agreeable interest rates.

“The borrower principal is a repeat client of GMACCM, and we acted as an exclusive representative in presenting this loan to several lenders,” says Kevin Keelty, vice president of GMACCM’s Washington, DC office. “Based on the aggressive pricing and a streamlined early rate lock execution, we determined that Freddie Mac would best meet our client’s needs.”